UBS reviews ratings on financials, cuts Bajaj Finance target steeply to Rs 1,600
Updated : April 21, 2020 10:58 AM IST
UBS Group believes that the loan growth and asset quality of the financials system will be affected as the economic recovery in the services sector is expected to remain gradual and the lockdown is also likely to remain longer than May 3.
The moratorium relief will also play a role in the loss of loan discipline of the banks.
As a result, it downgraded Bajaj Finance to 'sell' with price target slashed to Rs 1,600 from Rs 4,600 earlier.